Albania Oil Company Registers Growth

Bankers Petroleum announced that its production of crude oil from Albania rose by 3.5 per cent in the last quarter of 2012.

Besar Likmeta

BIRN

Tirana

“Average production for the fourth quarter was 16,163 barrels of oil per day, representing a 3.5 per cent increase from 15,616 barrels of oil per day in the third quarter,” the company said in a statement.

“While late November and early December production volumes were impacted by heavy rains, production continued to grow steadily,” it added.

Average oil production for Bankers in 2012 was 15,020 barrels of oil per day, 15 per cent higher than 2011 average production of 13,051 barrels of oil per day.

Oil sales from the Patos-Marinza oilfield in Albania during the fourth quarter averaged 16,033 barrels of oil per day. Meanwhile average oil sales for 2012 were 14,805 barrels of oil per day, 16 per cent higher than in 2011. The crude oil inventory on December 31 was 313,000 barrels, an increase of 12,000 barrels from September 30.

Bankers Petroleum is an oil and gas exploration and production company focusing on opportunities in unconventional petroleum assets and is the single largest foreign investor in Albania.

The company operates and has the full rights to develop the Patos-Marinza heavy oilfield in south central Albania, which is believed to hold about 2 billion barrels of oil.

The 44,000 acre field, located east of Fier, is the largest onshore oilfield in continental Europe, based on the amount of oil the site holds.

In Albania, Bankers also operates and has the full rights to the Kucova heavy oil fields.